DAILY COMMENTARY
July 28, 2010
Gold is little changed on the New York Spot Market, but may gain as the lowest prices in nearly three months spur demand. “From a risk-reward perspective, this level presents a buying opportunity,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. Investors are also expecting there may be increased demand from India. “The current decl
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July 27, 2010
Gold prices are consolidating on the New York Spot Market as of 1:16 p.m. EST. Despite a weak consumer confidence index report, which could generally be bullish for gold, investor risk appetite appears to be on the upswing.
Stocks are treading water on the New York Stock Exchange as the decline in consumer confidence offset positive earnings data and Monday’s bette
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July 26, 2010
Gold prices are consolidating on the New York Spot Market on the release of a better-than-expected housing report, which has renewed optimism that the U.S. economy is strengthening. "There's a feeling that for now things are pretty stable," said Stephen Platt, a commodity analyst with Archer Financial Services in Chicago. Risk appetite is back in play as investors sell gold
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July 23, 2010
Gold prices are down slightly on the New York Spot Market as traders await the results of the bank stress tests from the European Union. Gold prices were up in early trading, but a stronger dollar and increased risk appetite on positive U.S. earnings reversed those gains. (The
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July 22, 2010
Gold prices erased early losses on the New York Spot Market Thursday and headed higher. Bargain-buyers bought gold on the dip and traders digested the last day of Federal Reserve Chairman Ben Bernanke’s comments to Congress on the state of the economy. Bernanke’s statements hinted at the possibility of deflation which, some believe, will give gold prices a strong boost o
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July 21, 2010
Gold prices are near unchanged on the New York Spot Market as of 2:04 p.m. EST as traders look towards Federal Reserve Chief Ben Bernanke’s scheduled testimony to congress on the state of the U.S. economic recovery. Mr. Bernanke is expected to testify that the economy is not improving as quickly as previously thought, which may lead to further easing of monetary policy to
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July 20, 2010
Gold prices are up on the New York Spot Market Tuesday after a disappointing earnings miss from IBM and weak revenue, which plagued corporate second-quarter results. Gold is also seeing support from bargain buyers today. "Dips continue to draw bargain-hunting interest, however, the real test will be if gold can hold the May 21 low of $1,166,” said analyst James Moore.
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July 19, 2010
Gold prices edged lower Monday morning on the New York Spot Market as investors digested information from the Fed’s June 22 to 23 meeting, which suggested the possibility of deflationary pressures. While the Fed’s minutes show that several participants noted lower-than-expected inflation, participants also noted that the possibility of a potentially unsustainable fiscal
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July 16, 2010
Gold prices have consolidated below $1,200 per ounce on the New York Spot Market as of 1:10 p.m. EST as inflation risk waned following the release of the latest Consumer Price Index Report. While the core CPI was higher than expected, the overall report suggested to traders that deflation is very likely in the coming months.
Stocks continued their decline Friday as t
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July 15, 2010
Gold is up on the New York Spot Market as of 4:00 p.m. EST as investors sought an alternative to a weakening dollar. “We remain bullish on gold,” said Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter in an article from Bloomberg. Gold may be returning to its historical trend of trading inversely to the dollar. The dollar slid agai
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July 14, 2010
Gold is moving higher on the New York Spot Market as of 11:38 a.m. EST as the U.S. dollar slumps and the euro rallies to a fresh two-month high. Gold just recently began trading in tandem with the euro again. Many analysts believe gold will remain in tight trading range in the near-term as investors digest earnings results and economic data – key indicators of the strength
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July 13, 2010
Gold prices are gaining Tuesday on the New York Spot Market as of 11:23 a.m. EST as investors flee to the metal after Moody's downgraded Portugal's sovereign debt rating. Moody’s slashed Portugal’s debt rating two notches to A1 with a stable outlook stating the country's growth prospects remain weak. Bargain hunters are also driving prices as investors take advantage of
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July 12, 2010
Gold prices are easing Monday morning on the New York Spot Market as investors took light profits and the euro fell against the U.S. dollar. For now, analysts and traders said they regard $1,200 an ounce as the point around which gold continues to fluctuate until clearer directional signals emerge, according to Reuters.
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July 09, 2010
Despite a recent increase in investor risk appetite, gold prices are rising on the New York Spot Market Friday as of 11:38 a.m. EST on bargain buying and increasing demand from India, the world’s largest gold jewelry market. "Dips in gold continue to find pockets of investment bargain hunting," James Moore, an analyst at TheBullionDesk.com, wrote in his daily note this mor
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July 08, 2010
Following gains on Wednesday, gold is consolidating on the New York Spot Market as of 12:03 p.m. EST Thursday. Investor risk appetite has been on the upswing recently, which is putting downward pressure on gold prices as safe-haven demand wanes.
Stocks are clinging to gains Thursday from the previous day’s advance on a bigger-than-expected drop in jobless claims, w
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July 07, 2010
Gold is near unchanged on the New York Spot Market as of 12:35 p.m. EST after reports overnight said investment demand for the metal has just recently begun to fade. News that Chinese monetary officials said China will not use gold as a "major channel" for investment of its massive currency reserves is also putting downside pressure on gold. A survey from the World Gold Coun
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July 06, 2010
Gold has been selling off on the New York Spot Market as of 11:34 a.m. EST on technically based selling fueled by a lack of fresh, bullish fundamental news. Many analysts, while long-term bulls on the gold market, have been predicting a short-term correction for the metal in recent weeks. Trader and author Daryl Guppy told CNBC Tuesday, “While prices may weaken in the near
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July 02, 2010
Gold prices are consolidating on the New York Spot Market as of 11:51 a.m. EST after a lackluster jobs report as traders unwind their positions ahead of the July 4th weekend. Traditionally, investors have opted for cash on Fridays versus stocks and commodities in an effort to protect from headline risk; however, a weak dollar and bargain buyers could push gold prices higher.
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July 01, 2010
Gold prices are consolidating as of 12:00 p.m. EST on the New York Spot Market as investors opt for cash at the beginning of the third quarter. Weak manufacturing data from China and weak initial jobless claims in the U.S. are weighing on risk appetite; however, with this week’s plunge in the Dow, gold is one of the assets investors can sell to cover losses in stocks.
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June 30, 2010
Gold is up as of 11:44 a.m. EST on the New York Spot Market. A stabilizing stock market had eased some investor anxiety; however, a weak U.S. jobs report is rekindling concerns about the economic recovery.
Stocks are up on the New York Stock Exchange as of 11:44 a.m. EST, although the weaker-than-expected jobs report from ADP has dampened some of the momentum seen in
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